Mutuals ramp up pressure on big banks
19 February 2012
The industry body representing the nation's credit unions, building societies and mutual banks has taken out full page advertisements in Sunday newspapers challenging the big banks on customer service and interest rates.
Abacus - Australian Mutuals has taken the step to urge people unhappy with the attitude of big banks to "show you're serious" and consider switching. Abacus CEO Louise Petschler said it was time for customers sick of coming second to big bank profits to take direct action.
"We all like to have a weekend whinge about big banks, but most often consumers will stick with the status quo," said Ms Petschler.
"But you do have a choice, and it's a great time to check out your options."
"Over four and a half million Australians already enjoy the consistently better rates and service offered by customer-owned banking."
"Switching from your bank is easier than you think, and any competitive alternative will work with you to make it as simple as possible."
Independent data confirms that our member rates are consistently lower than the big 4 banks. This represents an immediate saving to Australian households and could leave mortgage holders thousands of dollars better off over the life of a home loan.
Abacus also pointed out today that customer owner organisations are not tied to returning huge profits in order to satisfy shareholders.
"Under the customer-owned banking model, customers are our shareholders and we offer them great value rates and service," Ms Petschler said.
Abacus is encouraging consumers to explore banking with a credit union, building society or mutual bank.
The full page advertisements were published in the Sunday Telegraph (NSW), Sunday Herald Sun (Victoria), Sunday Mail (Queensland), Sunday Mail (South Australia) and Sunday Times (Canberra).
Visit www.abacus.org.au for more information.
For more information, please contact:
Daniel McDougall, Senior Adviser – Media
02 8299 9024; 0407 637 541;
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
